But questions surrounding the future of Manhattan’s famed Pierre hotel remain very much alive.
asserted
questions → surround → hotel
Residents of the East 61st Street co-op — some of whom are among the wealthiest people in America — last week escaped a highly contested $2 billion buyout that would have forced them from their homes over a proposed renovation to turn their building into a hotel and residence managed by the Dorchester Collection.
asserted
that → escape → Collection
Once completed, they would have been offered an option to buy back in.
asserted
they → complete → option
But now, a week after the Pierre’s would-be buyer Motasem Khashoggi — a cousin of the late Saudi arms dealer Adnan Khashoggi — failed to deliver a $100 million deposit by the Oct. 13 deadline, shareholders now face a brand new nightmare: unanswered questions regarding how the building’s necessary, and extensive, repair needs will be financed.
asserted
needs → fail → nightmare
“We’re still in the process of understanding … how we move forward,” one building resident told The Post.
asserted
resident → ’re → Post
“There’s so many different components that need to be figured out — and will be.”
asserted
that → ’ → ?
Khashoggi, for his part, claims he had the funds but that his bank had delayed the wire transfer for weeks, according to the New York Times.
uncertain
bank → claim → Times
The deal’s collapse removes the immediate threat of residents being forced out, but leaves the building’s repair needs shrouded in mystery.
asserted
residents → remove → mystery
The co-op must now work out a renovation and funding plan with Taj Hotels, the building’s current operator.
asserted
op → work → Hotels
A Pierre shareholder familiar with the discussions said the board has commissioned a new engineering report to determine the price of repairs.
asserted
board → say → repairs
Previously, according to Vanity Fair, engineers hired by the co-op’s board previously identified at least $182 million in upgrades.
uncertain
engineers → accord → upgrades
But that figure has also varied, and residents say they don’t know what to believe.
asserted
they → vary → what
Taj previously reported repairs to the tune of $300 million.
asserted
Taj → report → million
Separately, a person familiar with the building on Tuesday told The Post repair costs edged closer to $400 million.
asserted
costs → tell → million
Some repairs would be Taj’s responsibility, while other costs could be shared with the co-op’s residents — some of whom include fashion designer Tory Burch, Oracle billionaire Larry Ellison and Trump’s secretary of commerce Howard Lutnick — in the form of assessments, the shareholder said.
uncertain
shareholder → share → assessments
The final division of costs, and whether shareholders will face stratospheric monthly bills, remain unresolved as negotiations continue.
asserted
negotiations → face → bills
“We won’t know the extent of it,” the resident said.
asserted
resident → know → it
Sources told The Post the aging property needs renovation.
asserted
property → tell → renovation
Engineering studies identified water intrusion and corroded pipes.
asserted
studies → identify → intrusion
Some work predates the failed sale: according to Vanity Fair, the facade is already undergoing a $22 million overhaul.
uncertain
facade → predate → overhaul
Another shareholder told The Post residents could remain during these renovations and expressed optimism about restoring the property without displacement.
uncertain
residents → tell → displacement
Still, no final agreement has been reached.
asserted
agreement → reach → ?
“It seems … very disconnected,” they said.
asserted
they → seem → ?
For longtime residents, the Pierre represents a home and community, the source said, describing elderly neighbors who have lived there for decades and employees regarded as family.
asserted
who → represent → family
The prospect of having to leave had caused significant anxiety, particularly among residents in their 80s and 90s.
asserted
prospect → have → 80s
Despite the air of uncertainty inside the building’s walls and what’s to come, there is still some pressure off shareholders’ shoulders.
asserted
what → ’ → shoulders
“I am relieved,” longtime resident Tina Beriro told the New York Times last week in the wake of the deal’s collapse.
asserted
Beriro → relieve → collapse
“A group of old lady widows and divorcées — look what we did!”
asserted
we → look → what
Residents were divided over the proposal.
asserted
Residents → divide → proposal
Some wanted to remain regardless of the payout, while others favored selling.
asserted
others → want → payout
Former Disney chief Michael Eisner, for example, criticized Taj’s management and reportedly supported a deal.
uncertain
Eisner → criticize → deal
David Johnson, president of the co-op board, declined The Post’s request for comment.
asserted
Johnson → decline → comment
The Aporia
